By Fatou Krubally
Members of the National Assembly’s Finance and Public Accounts Committee (FPAC) on Thursday grilled the Public Utilities Regulatory Authority (PURA) over audit concerns, governance gaps, and delays in constructing its new headquarters, despite a marked improvement in its financial performance.
During the session, lawmakers reviewed PURA’s 2022–2024 annual reports, financial statements, and management letters. The authority reported a surplus of D28.5 million in 2024, more than double the D12.6 million recorded in 2023.
Financial statements showed total income rose to D206.4 million from D178.9 million the previous year, while expenses increased to D177.8 million. Total assets climbed to D300.1 million, up from D256.2 million in 2023, with equity and reserves at D248.5 million compared to D219.9 million. Current liabilities stood at D51.6 million.
Cash flow statements indicated a net increase in cash and cash equivalents of D36.3 million, bringing closing balances to D88.2 million.
Despite the positive financial results, the National Audit Office raised concerns in its management letter over slow progress on PURA’s new headquarters. Auditors noted that 40 percent of the contract sum—approximately D76.3 million—had been disbursed in 2023, yet construction had only advanced beyond the foundation stage. The project was initially scheduled for completion by October 2025. Auditors recommended that the board seek legal advice and consider recovery options if delays persist.
Lawmakers also scrutinised governance issues, including irregular board subcommittee meetings. Audit reports showed that key committees met less frequently than required in 2024, with some convening only once. Recurring internal audit concerns from previous years were also highlighted.
Other audit observations included incomplete staff files, absence of performance appraisals for directors and department heads, weak documentation of staff loans, misclassified consultancy expenses, and the opening of a new bank account without proper authorisation.
PURA officials told the committee that, despite these challenges, the authority continued reforms in 2024, focusing on digital expansion, regulatory modernisation, and strengthened internal controls to improve compliance and service delivery.
The committee is expected to resume its review when PURA returns for a detailed consideration of the reports, as lawmakers seek assurances that audit recommendations will be implemented and accountability measures reinforced.
